Listening to stakeholders has always been fundamental to UniCredit's business: the Group regularly invests in mutual feedback activities that include all types of stakeholders, systematically collecting and evaluating observations, conducting research activities and responding to stakeholders' opinions and concerns.
We believe that understanding who your business impacts and who impacts your business is the key to long-term value creation. We also believe that knowing which issues are important to our stakeholders is crucial for managing risks and opportunities, and is therefore essential when it comes to making decisions and developing strategies.
Dialogue tools with stakeholders:
|CUSTOMERS||Customer satisfaction assessment
||300,000 clients and prospects interviewed for our customer satisfaction survey|
|Brand reputation assessment|
|Focus group, workshops, seminars
|COLLEAGUES||People Survey of professional engagement||More than 80,000 colleagues answered to the People SurveyA|
|Internal clients' perceptions of headquarters services|
|Group Intranet Portal|
|Department online communities|
|INVESTORS/SHAREHOLDERS||Quarterly webcasts and conference calls to present results||More than 500 meetings and 27 roadshow days with institutional, retail and socially responsible investors|
|One-on-one and group meetings, calls|
|REGULATORS||One-on-one and group meetings, calls||Proactive engagement and contribution to the debate on the regulatory framework|
|COMMUNITIES||Surveys||Around 27,000 clients requests managed via social media|
A. People Survey is a listening initiative carried out by UniCredit since 2003. Since People Survey is not carried out annually, data refers to the edition of 2017. Refer to the 2017 Integrated Report for more information.
UniCredit has periodically carried out materiality analyses since 2010 as result of listening to our stakeholders. This is a thorough approach that identifies critical economic, environmental and social aspects which could have a significant impact on the company's business performance and therefore on long-term value creation.
The matrix below represents the upper-right quadrant of the overall matrix, and results from the ranking of a number of topics based on their relevance (medium or high) expressed by our stakeholders during an intense process of dialogue, as well as UniCredit approach to the same topics, measured in terms of managerial focus and investments (advanced or highly advanced).
UniCredit's materiality analysis made great progress in 2018. The bank's aim is to ensure it is robust and the focus is on the most relevant aspects for both our stakeholders and our business. Material issues were reviewed and various ones rationalised, reducing them from 28 to 12 and thereby simplifying the matrix. No topics were removed, but instead grouped based on their area of common impact.
This matrix has been constructed using data collected from a variety of sources, providing a vast information base that can be audited and is objective, thus ensuring that the analysis is more consistent than in previous years. During this process, current and emerging issues were assessed from the perspective of different stakeholders and based on our strategy. We used Datamaran's data analytics platform in addition to other sources we had relied on in previous years (sustainability rating agencies, research on global risks and opportunities, tools to listen to stakeholders and scenario analyses).
The Datamaran sources employed to complete and consolidate the opinion of our stakeholders include:
- Benchmarking analysis on reports published by our peers: sustainability reports, integrated reports and financial reports
- Regulatory analysis to identify the main laws and directives that impact the financial sector in all the regions in which our group operates (both mandatory and voluntary regulations)
- Assessment of the latest news related to topics relevant to the financial sector in the press and social media.
As a result, we were able to rank relevant issues for various stakeholders. This was done according to the level of importance of the items, considering the frequency with which the topic comes up and its percentage of use in the included sources. The next step in this process involved evaluations of investments and managerial attention and focus (initiatives, programmes in place, investments in the pipeline, etc.) via one-to-one interviews with internal reference functions for each material topic.
The results of these two phases are the elements shown in the matrix presented above and which were subject to an in-depth examination during several meetings of the Corporate Governance, Nomination and Sustainability Committee.
During these meetings, in addition to explaining the applied method in detail, the material items featured in the matrix were illustrated to the Committee members. Subsequently, we focussed on the risks and opportunities related to material aspects that may impact the Group and the entire financial industry as well as UniCredit's actions when faced with these new challenges.
This allowed us to provide a complete overview of Environmental Social and Governance (ESG) topics and our sustainability strategy to top management in an attempt to increasingly integrate this sustainability strategy into the Group's overall strategy.
Refer to pages S.30 and S.31 to the Supplement of Integrated Report for more information